South Africans buy property to retire in Portugal

If you could choose a single place to retire one day, where would that be? It seems that Portugal is becoming ever more popular with South Africans as gaining residency there is alot easier with Portugal’s Golden Visa programme.

According to Pam Golding Properties CEO Andrew Golding South Africans are buying property in order to gain residence and retire in Portugal.

“To date almost 100 South Africans have already bought property through us in Portugal ranging from the required Golden Visa investment threshold of €500,000 to over €1.5m.

“Most buyers are looking to the sought-after area of Cascais, referred to as the Portuguese Riviera, and Lisbon, due to many regeneration projects transforming the city,” Mr Golding said last week at a media event.

Speaking at the estate agent’s annual media lunch last week, Mr Golding said he was concerned at the weak economic growth in many developing countries and SA although direct property investments remained resilient.

He believed that many would continue to invest directly in property as opposed to other investments amid a difficult economic environment. Some would also shift their money offshore or buy property in countries which had visa programmes. This would create alternatives for their children who may wish to live in a country other than SA.

Pam Golding Property group’s International Division MD Chris Immelman said Portugal was an attractive investment destination for many reasons.

“Major cities such as Lisbon and Estoril in Portugal are very attractive. Lisbon is undergoing much gentrification and Estoril is also enjoying new development,” said Mr Immelman.

Seeff Properties’ head, Samuel Seeff said recently that he had also noticed that more South Africans were buying property in other countries.